Bitcoin aims to retest $24K: BTC might drop to $22K

Bitcoin price analysis for August 14, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the prices have dropped by more than 2% in the last 24 hours and investors can expect additional price drops in the near future as well. In the last few days, we have seen BTC break the $25K price region and make a move towards the $22K price region in the near future which is the nearest support for the leading cryptocurrency.

Moreover, as noted in our BTC price analysis for August 14, 2022, the Bitcoin token has another major support at the $20K price region which can be retested if the $22K level doesn’t hold. The market dominance of the token has dropped to yearly lows and it seems that the situation is not looking good for BTC.

The data from CoinMarketCap shows that the trading volume of the token surged by 40.11% in the last 24 hours, followed by a 2.17% surge  in the market cap. Moreover, the Volume / Market Cap has a value of 0.06608, while the Market Dominance rose to 40.15%.

The daily candle for the token opened at a price of $24305 and reached a daily high of $25211. On the other hand, the daily low for Bitcoin stands at a price of $23869. The price of 1 Bitcoin at the time of writing is $24171.

Bitcoin price analysis for August 15 on the daily chart

Bitcoin price analysis for August 15, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 59 as the Bitcoin bears are now trying to take over the price action.

The MACD line is nearing the signal line hinting at increased chances of a bearish divergence.

The price action for Bitcoin is situated in the bullish zone of the Bollinger Bands.

Conclusion

Bitcoin price analysis for August 15, 2022, ends on a bearish note for BTC with increased chances of losing $24K.